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Square quarterly profit jumps on bitcoin boost -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. Jack Dorsey is the CEO of Square Inc. and the CEO of Twitter during an interview on CNBC after the IPO of Square Inc. which took place at the New York Stock Exchange, November 19, 2015. REUTERS/Lucas Jackson

(Reuters). Square Inc (NYSE) announced a 60% rise in third quarter gross profits on Thursday. The increase was driven by an increase in bitcoin transactions through its peer-to–peer payment system Cash App.

Afterpay Ltd is being acquired for $29Billion by payments giants. Afterpay Ltd posted a net profit of $1.13B in its quarter ending Sept. 30, 2013.

Cash app generated $1.82 Billion in Bitcoin revenue last year, an increase of 11% over the previous year.

Square in San Francisco said that bitcoin revenue and profit fell from quarter before because of relative stability with the cryptocurrency’s prices.

This company is led by Twitter Inc (NYSE:) Jack Dorsey is the top boss of the company and has seen a rise in demand from home-based customers in recent years.

Gross payment volumes are a measure that measures the transaction processing on Cash App and rose 27%, to $3.7 billion.

To reach $3.84 billion, total net revenue rose 27%

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